Cdw Corp,
Fiscal Year 2025 Q4.

Nine months ended September 30, 2025 compared with the nine months ended September 30, 2024 Corporate segment Net sales increased $581 million, or 8.9%, primarily due to an increase in notebooks/mobile devices, software, netcomm products, desktops and data storage and servers. Corporate segment Gross profit dollars increased $88 million, or 5.7%, primarily due to higher Net sales, partially offset by lower gross profit margin. Gross profit margin decreased 70 bps, to 23.0%, which is attributed to decreased rate in certain hardware categories and mixing into lower margin hardware categories. Corporate segment Operating income increased $75 million, or 12.9%, primarily due to higher Gross profit dollars, partially offset by higher performance-based compensation and increased amortization expense on acquisition-related intangible assets. Small Business segment Net sales increased $126 million, or 11.0%, primarily due to an increase in notebooks/mobile devices, software, and data storage and servers. Small Business segment Gross profit increased $17 million, or 6.2%, primarily due to higher Net sales, partially offset by lower gross profit margin. Gross profit margin decreased 100 bps, to 22.2%, which is attributed to lower contribution of netted down revenue. Small Business segment Operating income increased $7 million, or 5.2%, primarily due to higher Gross profit dollars, partially offset by higher performance-based compensation and an increased provision for expected credit losses. Public segment Net sales increased $216 million, or 3.4%, primarily due to an increase in desktops in the healthcare and government sales channels, software in the healthcare and education sales channels, services across all sales channels and notebooks/mobile devices in the healthcare sales channel, partially offset by hardware in the education sales channel. Public segment Gross profit dollars increased $15 million, or 1.2%, primarily due to higher Net sales, partially offset by lower gross profit margin. Gross profit margin decreased 40 bps, to 19.8%, which is attributed to decreased rate in certain hardware categories, partially offset by mixing into services. Public segment Operating income decreased $15 million, or 2.6%, primarily due to higher performance-based compensation and an increased provision for expected credit losses, partially offset by higher Gross profit dollars. Net sales in Other increased $178 million, or 9.5%, primarily due to an increase in notebooks/mobile devices, desktops and services within UK and Canada operations. Other Gross profit dollars increased $52 million, or 14.3%, primarily due to higher Net sales and Gross profit margin. Gross profit margin increased 80 bps, to 20.4%, which is attributed to higher contribution of netted down revenue and increased rate in certain hardware categories. Other Operating income increased $43 million, or 52.1%, primarily due to higher Gross profit dollars and lower transformation and other related costs, partially offset by higher performance-based compensation within the UK operations. 28

Investing Activities Net cash provided by investing activities increased $430 million for the nine months ended September 30, 2025 compared to September 30, 2024. This increase was primarily driven by 2024 cash outflow to purchase a certificate of deposit and 2025 cash inflow due to maturity of the certificate of deposit. 34

Cash Flows Cash flows from operating, investing and financing activities are as follows: Six Months Ended June 30, (dollars in millions)20252024 Net cash provided by operating activities$443.1 $589.9

Forward-Looking Statements This report contains "forward-looking statements" within the meaning of the federal securities laws. All statements other than statements of historical fact are forward-looking statements. These statements relate to analyses and other information, which are based on forecasts of future results or events and estimates of amounts not yet determinable. These statements also relate to our future prospects, growth, developments and business strategies. We claim the protection of The Private Securities Litigation Reform Act of 1995 for all forward-looking statements in this report. These forward-looking statements are identified by the use of terms and phrases such as "anticipate," "assume," "believe," "estimate," "expect," "goal," "intend," "plan," "potential," "predict," "project," "target" and similar terms and phrases or future or conditional verbs such as "could," "may," "should," "will," and "would." However, these words are not the exclusive means of identifying such statements. Although we believe that our plans, intentions and other expectations reflected in or suggested by such forward-looking statements are reasonable, we cannot assure you that we will achieve those plans, intentions or expectations. All forward-looking statements are subject to risks and uncertainties that may cause actual results or events to differ materially from those that we expected. Important factors that could cause actual results or events to differ materially from our expectations, or cautionary statements, are disclosed under the section entitled "Trends and Key Factors Affecting our Financial Performance" above, the section entitled "Risk Factors" included in our Annual Report on Form 10-K for the year ended December 31, 2024 and from time to time in our subsequent Quarterly Reports on Form 10-Q and our other US Securities and Exchange Commission ("SEC") filings and public communications. These factors include, among others, inflationary pressures; level of interest rates; CDW's relationships with vendor partners, wholesale distributors and terms of their agreements; continued innovations in technology by CDW's vendor partners; the use or capabilities of artificial intelligence; substantial competition that could reduce CDW's market share; the continuing development, maintenance and operation of CDW's information technology systems; potential breaches of data security and failure to protect our information technology systems from cybersecurity threats; potential failures to provide high-quality services to CDW's customers; potential losses of any key personnel, significant increases in labor costs or ineffective workforce management; potential service failures or disruptions related to outsourcing arrangements with certain of CDW's business processes; potential adverse occurrences at one of CDW's primary facilities or third-party data centers, including as a result of climate change; increases in the cost of commercial delivery services or disruptions of those services; CDW's exposure to accounts receivable and inventory risks; future acquisitions or alliances; fluctuations in CDW's operating results; fluctuations in foreign currency; global and regional economic and political conditions, including the impact of pandemics and armed conflicts; decreases, delays or changes in spending on technology products and services, including impacts of adverse changes in government spending and funding policies and federal procurement policies; potential interruptions of the flow of products from suppliers including uncertainty over global trade policies and the financial impact of related tariffs; potential failures to comply with Public segment contracts or applicable laws and regulations; current and future legal proceedings, investigations and audits, including intellectual property infringement claims; changes in laws, including regulations or interpretations thereof, and including evolving laws and regulations and regulatory overhaul during any changes in federal administration, or the potential failure to meet stakeholder expectations on environmental sustainability and corporate responsibility matters; CDW's level of indebtedness; restrictions imposed by agreements relating to CDW's indebtedness on its operations and liquidity; failure to maintain the ratings assigned to CDW's debt securities by rating agencies; changes in, or the discontinuation of, CDW's share repurchase program or dividend payments; and other risk factors or uncertainties identified from time to time in CDW's filings with the SEC. All written and oral forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by those cautionary statements as well as other cautionary statements that are made from time to time in our other SEC filings and public communications. You should evaluate all forward-looking statements made in this report in the context of these risks and uncertainties. We caution you that the important factors referenced above may not reflect all of the factors that could cause actual results or events to differ from our expectations. In addition, we cannot assure you that we will realize the results or developments we expect or anticipate or, even if substantially realized, that they will result in the consequences or affect us or our operations in the way we expect. The forward-looking statements included in this report are made only as of the date hereof or, with respect to any documents incorporated by reference, available at the time such document was prepared or filed with the SEC. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.

Adjusted free cash flow(3) $668.0 $764.1 (1)Defined as total debt minus Cash and cash equivalents and Short-term investments. (2)Defined as days of sales outstanding related to the current portion of Accounts receivable and certain receivables due from vendors, plus days of supply in Merchandise inventory, minus days of purchases outstanding related to the current portion of Accounts payable-trade and Accounts payable-inventory financing, based on a rolling three-month average. (3)Defined as Net cash provided by operating activities less Capital expenditures, adjusted to include cash flows from financing activities that relate to the purchase of inventory. 23

Results of Operations Results of operations, including Gross profit margin and Operating income margin, expressed as Gross profit and Operating income as a percentage of Net sales, respectively, for the three and nine months ended September 30, 2025 and 2024 are below. For additional information on Net sales, Gross profit and Operating income by segment, see the "Segment Results of Operations." Three Months Ended September 30,Nine Months Ended September 30,

Nine months ended September 30, 2025 compared with the nine months ended September 30, 2024 Net sales increased $1,100 million, or 7.0%, with higher Net sales across all operating segments. The increase was primarily due to customer demand for notebooks/mobile devices, software, desktops, netcomm products and services. Broadly, while economic and geopolitical uncertainty persists, certain end-markets continued to experience improved customer spending during the period. Gross profit increased $172 million, or 5.0%, primarily due to higher Net sales, partially offset by lower gross profit margin. Gross profit margin decreased 40 basis points which is attributed to decreased rate and increased mix in certain hardware categories. 24 Selling and administrative expenses increased $190 million, or 8.6%, primarily due to higher performance-based compensation, transformation and other related costs and amortization expense on acquisition-related intangible assets. Operating income decreased $18 million, or 1.4%, to $1,225 million for the nine months ended September 30, 2025, compared to $1,243 million for the nine months ended September 30, 2024. Interest expense, net includes interest expense and interest income. Interest expense, net increased $11 million, or 6.9%, primarily due to lower interest income earned on cash balances and a higher fixed interest rate on unsecured senior notes, partially offset by a lower variable interest rate on the senior unsecured term loan. Income tax expense increased $1 million, or 0.3%. The effective income tax rate, expressed by calculating the income tax expense as a percentage of Income before income taxes, was 25.6% and 24.9% for the nine months ended September 30, 2025 and 2024, respectively. The increase in the effective income tax rate was primarily attributable to lower excess tax benefits on equity-based compensation, partially offset by the anticipated benefit from federal tax credits.

Other(2) 2,050.9 12.1 1,873.2 11.9 177.7 9.5 10.1 Total Net sales$16,913.1 100.0 %$15,812.7 100.0 %$1,100.4 7.0 %7.5 % (1)There were 64 selling days for both the three months ended September 30, 2025 and 2024. There were 191 and 192 selling days for the nine months ended September 30, 2025 and 2024, respectively. Average daily sales is defined as Net sales divided by the number of selling days.

Gross profit by segment for the comparative periods are as follows: Three Months Ended September 30, 20252024 (dollars in millions)Gross ProfitGross Profit MarginGross ProfitGross Profit MarginDollar ChangePercent Change

144.9 20.7 125.5 19.6 19.4 15.5 Total Gross profit$1,255.5 21.9 %$1,200.7 21.8 %$54.8 4.6 % Nine Months Ended September 30, 20252024 (dollars in millions)Gross ProfitGross Profit MarginGross ProfitGross Profit MarginDollar ChangePercent Change

Operating income by segment for the comparative periods are as follows: Three Months Ended September 30, 20252024 (dollars in millions)Operating IncomePercentage of Segment Net SalesOperating IncomePercentage of Segment Net SalesDollar ChangePercent Change

(dollars in millions)2025Percentage of Net Sales2024Percentage of Net Sales Operating income, as reported$1,224.9 7.2 %$1,242.7 7.9 % Amortization of intangibles(1)

15.5 9.5 Other adjustments5.1 6.4 Non-GAAP operating income$1,494.3 8.8 %$1,447.8 9.2 % (1)Includes amortization expense for acquisition-related intangible assets, primarily customer relationships, customer contracts and trade names.

Non-GAAP net income and Non-GAAP net income per diluted share Three Months Ended September 30, 20252024 (dollars and shares in millions, except per share amounts)Income before income taxesIncome tax expense(1)

Net incomeIncome before income taxesIncome tax expense(1) Net income US GAAP, as reported$389.4 $(98.4)$291.0 $427.6 $(111.2)$316.4 Amortization of intangibles(2)

Non-GAAP net income per diluted share$7.45 $7.04 Shares used in computing US GAAP and Non-GAAP net income per diluted share132.6135.5 (1)Income tax on non-GAAP adjustments includes excess tax benefits associated with equity-based compensation.

(4)Includes costs related to workforce reductions and charges related to the reduction of our real estate lease portfolio. 31 Net sales on a constant currency basis Three Months Ended September 30,Nine Months Ended September 30,

Foreign currency translation(2) - 13.3 - 18.0 Net sales, on a constant currency basis$5,737.4 $5,529.9 3.8 %$16,913.1 $15,830.7 6.8 %7.4 % (1)There were 64 selling days for both the three months ended September 30, 2025 and 2024. There were 191 and 192 selling days for the nine months ended September 30, 2025 and 2024, respectively. Average daily sales is defined as Net sales divided by the number of selling days.

(2)Represents the effect of translating the prior year results of CDW UK and CDW Canada at the average exchange rates applicable in the current year. Free cash flow and Adjusted free cash flow Nine Months Ended September 30,

(dollars in millions)20252024 Net cash provided by operating activities$771.4 $932.0 Capital expenditures(79.2)(94.0) Free cash flow692.2 838.0 Net change in accounts payable - inventory financing(24.2)(73.9)

$0.625May 6, 2025May 26, 2025June 10, 2025 $0.625August 5, 2025August 25, 2025September 10, 2025 On November 4, 2025, we announced that our Board of Directors declared a quarterly cash dividend on our common stock of $0.630 per share. The dividend will be paid on December 10, 2025 to all stockholders of record as of the close of business on November 25, 2025. The payment of any future dividends will be at the discretion of our Board of Directors and will depend upon our results of operations, financial condition, business prospects, capital requirements, contractual restrictions (including in current or future agreements governing our indebtedness), restrictions imposed by applicable law, tax considerations and other factors that our Board of Directors deems relevant.

Financing Activities Net cash used in financing activities increased $698 million for the nine months ended September 30, 2025 compared to September 30, 2024. This increase was primarily driven by long-term debt issuance in 2024 and repayment of long-term debt in 2025, partially offset by extinguishment of long-term debt in 2024.

•rank equal in right of payment with all of the Issuers' and the Guarantors' existing and future unsecured senior debt. The following tables set forth Balance Sheet information as of September 30, 2025 and December 31, 2024, and Statement of Operations information for the nine months ended September 30, 2025 and for the year ended December 31, 2024. The financial information includes the accounts of the Issuers and the accounts of the Guarantors (the "Obligor Group"). The financial information of the Obligor Group is presented on a combined basis and the intercompany balances and transactions between the Obligor Group have been eliminated.

Balance Sheet Information (dollars in millions)September 30, 2025December 31, 2024 Current assets$6,628.3 $6,395.9 Goodwill4,278.0 4,158.3 Other assets2,644.9 2,502.1

Statement of Operations Information (dollars in millions)Nine Months Ended September 30, 2025Year Ended December 31, 2024 Net sales$14,864.0 $18,494.0

Gross profit3,220.1 4,116.9 Operating income1,127.7 1,560.5 Net income716.9 1,014.1 Commitments and Contingencies The information set forth in Note 10 (Commitments and Contingencies) to the accompanying Consolidated Financial Statements is incorporated herein by reference.